LONDON (ShareCast) - (ShareCast News) - Helios Underwriting announced on Friday that, in line with its strategy of increasing underwriting capacity through acquisition, it agreed to acquire limited liability member of Lloyd's - Nottus No 51 - for a consideration of £984,500 in cash on 8 June, following approval of change of control by Lloyd's of London.
The AIM-traded firm said the 2017 underwriting capacity of Nottus was approximately £669,000, compared with Helios's 2017 capacity of £35m prior to the acquisition.

Nottus participates in a spread of Lloyd's syndicates that broadly matched the existing portfolio of Helios, the board explained, and the transaction enabled Helios to continue to build its participations on the better syndicates at Lloyd's.

"The consideration represents a discount of 4.0% to the independent valuation of £1.0m placed on Nottus by Humphrey's," the Helios board explained in its statement.

"Nottus is expected to have funds surplus to its current underwriting requirements of over £0.60m on completion which Helios will be able to utilise in the future."

Helios said it would reinsure 70% of the 2017 underwriting year in line with its stated policy of reducing 'on-risk' exposures.

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